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The Magic Cafe Forum Index » » Tricky business » » Inflation vs you (0 Likes) Printer Friendly Version

Fedora
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The current inflation rate as I write this is 7.5 percent or so,
the increase in wage seems to be 4 percent or so.

how many here has adjusted there prices likewise, and have
you gotten push back from your regular clients? (ie, folks who
already know what your prices are.)

I believe most will have increased, but I would like to hear your experiences.
Dannydoyle
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If you increase, will you decrease accordingly when things go back down?
Danny Doyle
<BR>Semper Occultus
<BR>In a time of universal deceit, telling the truth is a revolutionary act....George Orwell
snm
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Quote:
On Feb 18, 2022, Dannydoyle wrote:
If you increase, will you decrease accordingly when things go back down?


I wouldn't. I find it unlikely that the prices of things will ever drop to pre-covid levels.

For example, my local Taco Bell now charges $1.49 for items that used to be $1. I highly doubt they will ever return back down to $1. (damn them! lol)

So why should me fees?
Fedora
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Quote:
On Feb 18, 2022, snm wrote:
Quote:
On Feb 18, 2022, Dannydoyle wrote:
If you increase, will you decrease accordingly when things go back down?


I wouldn't. I find it unlikely that the prices of things will ever drop to pre-covid levels.

For example, my local Taco Bell now charges $1.49 for items that used to be $1. I highly doubt they will ever return back down to $1. (damn them! lol)

So why should me fees?


agreed, although the inflation rate will most likely decrease back to the usual 2 to 3 percent in the future,
i think it's pretty unlikely there's going to be a mass deflation back to 2019 levels. (except oil prices,
and car prices, which are unsustainable.)
Dannydoyle
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So using inflation as a representation of your value makes sense to you?

I get what you are trying to do. I just am not sure what motivates people to do it.

Your value is your value independent of all other factors. Why tie it to inflation?
Danny Doyle
<BR>Semper Occultus
<BR>In a time of universal deceit, telling the truth is a revolutionary act....George Orwell
Mindpro
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I agree. If one is inclined to raise prices there are many other ways to do so that make more sense. Plus, it almost creates an extra "ouch" to consumer market customers who think inflation is bad enough now you are raising your prices on top of that. Entertainment for most is a luxury not a necessity, so it could easily backfire as a burn using inflation as your reasoning.
Fedora
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I agree, justifying your prices on inflation won't get you far,
most folks likely won't care about How inflation is affecting you,
(nor should they, it's not there issue.)

I mention inflation because it does affect you, and unlike your
clients, you have reason for concern for increasing costs.

Prices have increased in the entertainment field to a degree,
Concert and sporting event prices are up, as is streaming services.
(movie tickets has not increased by much by comparison.)

just curious if the magic/mentalism industry has increased likewise.
Decomposed
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Its not done yet. Hyperinflation is affecting everyone. Entertainers can only adjust prices so much. Just glad here in the USA our government is working on the inflation problem.
Fedora
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As of the march report (which covers the 12 months thru February 2022) the
inflation rate is 7.9 up from 7.5 as written in my original post.

Not exactly Hyperinflation, which is an inflation rate of above 50 percent if I'm not
mistaken, but 7.9 is still higher than ideal.
Close.Up.Dave
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It seems to me that there are still newbie entertainers charging $250 for parties, just like in the 90’s.

I think there are some set price points that people can work off of, and it’s true across the industry leading up to some of the biggest celebrities.

For us normal people, it probably makes sense to hold firm in your best prices if it means the difference between feast and famine.

I’m certainly cutting out all shows that don’t enhance my brand and making room for the programs and opportunities that will keep my brand and income strong.

It’s been a long pandemic but the word keeps chugging. As long as the currencies don’t get destabilized we will be fine. Inflation is one thing, Venezuela style destabilization is the type of financial Armageddon I think we should avoid.

It’s nice have cryptocurrency as an alternative store of value. I hope the Fed can stop the inflation considering it’s their job to tamper these kinds of things.
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